30 Year Term Life Insurance

Eric Van Haaften Term Life Insurance

If you’re looking for long-term protection and peace of mind, a 30-year term life insurance policy might be the right option for you.

It provides affordable coverage that lasts three decades and can also help ensure financial security during your most financially productive years.

We’ll explore the benefits of having a 30-year life insurance policy so that you know exactly how it can help protect your family in case anything happens to you.

quick link navigation

How does a 30-year life insurance policy work?
Is buying a 30-year term life insurance a good idea?
How do I purchase affordable coverage?
What does a thirty-year term life policy cost?
Which companies offer the best 30-year term plans?
How do you compare term life insurance durations?
FAQ: 30-Year Life Insurance

What is 30-Year Term Life Insurance?

A term life insurance policy offers guaranteed death benefits and level premiums for between 10 and 40 years.

What is 30-year term life insurance? A key attribute of 30-year term life coverage is its stable payments, making it a predictable and affordable expense when it comes to budgeting.

A thirty-year policy is favored for covering long-term financial obligations such as income replacement, mortgage protection, and child education costs.

It offers peace of mind, knowing that in the event of your death, there is a safety net in place for your family.

What happens after the 30-year term life insurance ends? When your term life policy expires, you can choose to renew it, convert it to permanent coverage, or let it expire and go without coverage.

If you outlive your original term insurance policy and choose to renew it, the premiums will increase yearly on the policy anniversary.

However, there is a silver lining because many insurers allow you to convert term into permanent coverage. This option will be more costly than your initial term but is typically less expensive than the renewal premium.

Is a 30-Year Term Right for You?

Determining whether a 30-year term life insurance suits you hinges on the specific financial landscape and future aspirations that define your life.

According to Bogleheads, if you’re in your mid-30s with a growing family and unpredictable future expenses like college, a 30-year term could provide the extended coverage you need.

Additionally, securing a policy spanning three decades can safeguard your earnings throughout most, if not all, of your professional journey. A good rule of thumb is having coverage 7-10 times your annual income.

Thirty-year policies are designed for young life insurance buyers who want extended security but don’t want to pay the massive premium offered with permanent coverage.

Unlike permanent life insurance, a thirty-year term life policy is more affordable and does not accumulate cash value.

So, term life insurance plans are best for those who want to conserve money, be financially protected now, and weigh their choices down the line.

Reasons for thirty-year term insurance

Married: Most young couples can qualify for the lengthiest term insurance plans, protecting them during their careers.
Children: A level-term life insurance policy is ideal for couples expecting a child or who have very young children at home.
Mortgage Protection: A longer-duration term life plan can be a perfect policy for people needing to protect a thirty-year mortgage loan.
Income Protection: A term life insurance policy is ideal for couples to protect their income from surviving family members.
Business Life Insurance: A longer-term length can be ideal for younger business owners looking to fund either a buy-sell or critical person policy.

Buying 30-Year Term Life Insurance

We all know that life insurance is integral to securing your family’s future, but finding the right balance between cost and coverage can be challenging.

Yet, putting in a little effort now to secure term life insurance can help give your loved ones the financial protection they need down the road.

When applying for a thirty-year term life policy, insurers consider several key factors to determine your premium costs. These include your age, the desired amount of coverage, and your health history.

Typically, younger applicants enjoy lower premiums due to their higher likelihood of outliving their policy term.

For instance, a 30-year-old might pay just $58 per month for a million-dollar policy, while someone aged 50 could see rates as high as $252 monthly.

It should not be surprising that term life insurance premiums increase with the policy’s death benefit size; more significant polices naturally entail higher costs.

Finally, health conditions can also lead to higher premiums due to their potential impact on life expectancy.

However, most minor health conditions will not prevent you from getting coverage or result in outrageous costs.

Nevertheless, we recommend locking in a 30-year rate while you are insurable because once your policy is active, you won’t have to re-qualify, even if your health changes.

We offer access to insurers who serve those with diverse health backgrounds, ensuring we can match you with policies that fit your needs and budget.

Our easy-to-use term life insurance comparison tool allows you to review plans quickly, helping you make an informed decision in minutes.

What Does 30-Year Term Insurance Cost?

Select Duration
Select Amount
Press Get Quote

30-Year Term Life Insurance Quotes

You have learned that the cost of a 30-year term life insurance policy varies depending on your age, health, and lifestyle choices.

Many families choose term insurance due to its affordability and the financial protection it offers beneficiaries when they most need it, such as during child-rearing years or while paying off a home loan.

Plus, buying a longer-term policy is usually the most cost-effective choice for young adults compared to permanent coverage.

Moreover, by choosing term life insurance instead of permanent options, young people can invest their savings in mutual funds, stocks, and bonds, potentially achieving greater returns.

Below, we present the average costs for 30-year term life insurance by age, offering death benefits from $250,000 up to $1 million.

We recommend consulting with one of our insurance agents or using our insurance calculator to get an accurate estimate tailored to your specific situation.

30-Year Term Life Insurance Rates

	$250k	$500k	$750k	$1mm
Age 20	$19	$31	$44	$53
Age 30	$20	$32	$47	$58
Age 40	$30	$53	$76	$99
Age 50	$66	$125	$185	$252

* 30-year term insurance rates by age for non-smoking males

Insurers Offering 30-Year Life Insurance

Over the years, many insurers have shied away from offering 30-year term coverage because of the significant cash reserves required.

However, Affordable Life USA has partnered with the industry’s most trusted insurers to offer you competitive rates.

According to A.M. Best, S&P, Fitch, and Moody’s, our chosen partners are financially robust and dependable.

Banner Life

Banner Life, boasting an A+ rating from AM Best, consistently offers among the lowest rates for 30-year term life insurance in the industry.

Plus, their OPTerm policy provides individuals aged 20 to 50 with $100,000 to $500,000 coverage without a medical exam.

While Banner permits policy term conversions to its universal life plans, these tend to be very expensive.

Corebridge Financial

Corebridge Financial, previously known as AIG, is a key player in the term life insurance industry and maintains an A rating from AM Best.

Its Select-a-Term series, offered through American General, provides 18 different term lengths, distinguishing itself from competitors’ standard offerings.

Plus, existing policyholders can convert their term policy into competitively priced permanent coverage until they are 70 years old.

Lincoln Financial

With an A+ rating from AM Best, Lincoln Financial is a solid choice for term life insurance with level plan options ranging from 10 to 30 years.

The Term Accel plan suits those aged 18-60 seeking coverage of $100,000 to $1 million with just a quick phone interview.

For higher needs, Life Elements provides $250,000 to $5 million in coverage for individuals 18-80 years old but does necessitate a medical exam.

Pacific Life

Pacific Life’s PL Promise Term stands out for its flexible underwriting and competitive pricing on term insurance policies ranging from 10 to 30 years.

Notably, Pacific Life does not require medical exams until age 70, provided you have had a doctor’s visit and blood work within the last 18 months.

You can also upgrade your term policy to an affordable universal life insurance plan by age 70.

Protective Life

Protective Life has two competitively priced term insurance products, ranging in duration from 10 to 40 years.

Classic Choice delivers a traditional term experience with premium increasing after your initial coverage duration.

Meanwhile, Custom Choice gradually reduces your death benefit if you surpass 30 years, maintaining the same premium for your entire life.

For those considering converting their term into permanent coverage, Protective provides more options than many of its competitors.

Prudential

Prudential is a highly rated insurance provider, offering a range of affordable term life insurance options.

Their Term Essential plan requires a health exam but offers coverage up to $10 million and the flexibility to transition to permanent insurance later.

Conversely, their SimplyTerm policy caters to individuals aged 18-75 without requiring a medical exam and provides coverage up to $1 million.

Prudential is particularly favorable for seniors facing health challenges and presents competitive rates for smokers seeking term life insurance solutions.

Transamerica

Transamerica is highly rated and sells two-term insurance products, Trendsetter Super and Trendsetter LB.

The Trendsetter Super offers death benefits up to $10,000,000, while the LB only provides up to $2,000,000.

However, the Trendsetter LB can give you early access to the policy’s death benefit should you experience a chronic, critical, or terminal illness.

It’s good to know that both products offer 30-year durations until age 58 and allow you to purchase coverage up to $2,000,000 without taking an exam.

Compare Term Life Insurance Plans

When selecting the term length for life insurance, it’s important to consider both current financial responsibilities and future needs.

After evaluating your coverage requirements, you may only need coverage for a limited time frame. A 10-year life insurance policy is ideal for those with specific short-term financial obligations.

On the other hand, a 30-year term provides a more extended safety net, which can benefit those with long-term responsibilities.

Remember that many insurers have age limits for longer terms, often capping a 30-year term to those under age 55.

If you’re approaching these age limits or find the premiums for a 30-year term prohibitive, a 20-year could be a viable alternative, offering a balance between coverage duration and cost.

To help you select the option that best suits your needs and budget, we have provided the average costs for term life insurance by age.

Furthermore, it’s advisable to consult with one of our insurance specialists to help navigate the complexities of these types of life insurance policies.

Term Life Insurance Costs

	$500k	$750k	$1mm
	10	10	10
Age 30	$15	$20	$22
Age 40	$19	$25	$29
Age 50	$42	$64	$75
	20	20	20
Age 30	$21	$27	$33
Age 40	$28	$41	$52
Age 50	$73	$108	$142
	30	30	30
Age 30	$32	$47	$58
Age 40	$53	$76	$99
Age 50	$125	$185	$252

*Term life insurance rates by age for non-smoking males

FAQ: 30-Year Life Insurance

Should I buy a 30-year or 40-year life insurance policy? When deciding between term life insurance plans, choose a term length that aligns with your financial goals and provides adequate coverage for your family now and in the future. Both options typically allow you to convert term into permanent coverage.

What is the longest-term life insurance policy you can get? The length of term life insurance policies can differ by provider, with most capping at 30 to 35 years. However, certain insurers like Banner and Protective Life extend options up to a 40-year policy term.

Do you get money back if you outlive term life insurance? If you live beyond the duration of your term life insurance policy, you won’t receive any cashback unless you opt for a return of premium rider. This additional feature ensures that if you outlive the policy, you will be eligible for a tax-free refund of all the premiums paid during the term.

How much is term life insurance for a 30-year-old? The price of term life insurance can differ based on factors such as age, health, and desired coverage amount. For a 30-year-old, the cost of a term life insurance policy can range from $26 to $33 per month for a policy with a death benefit of $500,000.

What happens at the end of a 30-year life insurance policy? After the coverage period ends, certain insurers may terminate the policyholder’s coverage. Alternatively, some companies offer an option to extend it yearly, albeit at a steep price. Another possibility is converting it into permanent life insurance.

Can you cash out a 30-year term life insurance policy? No, it is not possible. Unlike other policies, term life insurance has no cash value component. It only provides a death benefit if you pass away during the policy’s term.